Ethereum price (ETH) is currently moving horizontally below the resistance level of $1,600.
Long-term analysis of the Ethereum price: bullish
The high at $1,620 marks the end of the current upswing. The price of the largest altcoin fluctuated between $1,500 and $1,600 last week. However, if the cryptocurrency value reaches the overbought zone, further rises are unlikely. Once the bears break the $1,500 support, Ether will start falling. For example, on January 18, the bulls bought the dips as sellers drove Ether to a low of $1,501. If the $1,500 support is broken, ETH /USD will fall to $1,352. However, the altcoin will remain in a range as long as these levels are held. Ether is rising in value and is currently trading at $1,552.40.
Ethereum indicator analysis
ETH/USD price is currently in the overbought zone of the market. Ether is at level 74 of the Relative Strength Index for period 14. If sellers appear in the overbought zone, the altcoin could fall. The price bars are above the moving average lines, which guarantees an uptrend for the cryptocurrency. The trend is negative below the daily stochastic threshold of 50.
Technical indicators:
Key resistance levels – $2,000 and $2,500
Key support levels – $1,500 and $1,000
What is the next direction for Ethereum?
On the 4-hour chart, Ether has fallen back below the 21-day line SMA, but above the 50-day line SMA. The altcoin will be forced to trade in a range between the moving average lines. Doji candlesticks also contribute to the price action characteristics. This explains why buyers and sellers cannot agree on a price.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
Source: https://coinidol.com/ethereum-high-1-600/